Toshiba gets shareholder approval for sale
Toshiba’s shareholders approved the Share Purchase Agreement (SPA) previously entered into with K.K. Pangea, for the sale of Toshiba Memory Corporation (TMC).
SanDisk LLC, a wholly owned subsidiary of Western Digital Corporation, and certain of its subsidiaries have filed for arbitration before the International Chamber of Commerce (ICC) International Court of Arbitration regarding the sale. Despite SanDisk and Western Digital’s opposition, Toshiba remains fully determined to resolving the issue through the arbitration process, and looks forward to receiving the arbitrators’ decision. Since signing of the SPA on September 28, 2017, Toshiba and Pangea have been jointly working towards the closing of the transaction by the end of March 2018.